You had to make
your choice without all of the information you needed. Now that you
have more data, which single figure would you rely on to determine whether
a country was rich or poor? Was it GDP (Gross Domestic Product)? GDP
is the value of all the goods and services a country produces per year.
Which of those above has the highest GDP?

From this group,
China has the highest GDP. Most people consider China to be relatively
poor. Why?

Consider this: Family
A has an income of $80,000 per year. Family B has an income of $ 60,000
per year. Which sounds better? Let's analyze this information: Family
A has 2 parents and 8 children. Family B has 2 parents and 1 child.
Which family will be able to acquire more goods and services per person?
Family A has only $8,000 per person, while Family B has $20,000.

Conclusion:
The number of people sharing the income makes a difference.

Likewise, though
GDP shows how much output a country produces, the population makes a
difference. GDP per capita shows how much output is produced per member
of the population. List the countries from the highest GDP per capita
to the lowest. GDP per capita shows where people are likely to have
the most goods and services per person, and therefore, the highest standard
of living.

An Economic Mystery:
How could a country that has fewer resources produce more output per
person than a country that has more natural resources? For example,
China is rich in natural resources, but has a low per capita GDP (due
to its large population). South Korea has fewer natural resources, but
still has a higher per capita GDP. How can South Korea have more goods
and services than China?

Let's investigate. Read Productivity By Economist Alexander J. Field from the Concise Encyclopedia of Economics.

"What,"
did Prof. Alexander J. Field say "is the fundamental determinant of the growth of a country's material standard of living?"

What is the prime
determinant of the average standard of living in any nation?